Public arguments over the mandate of the Reserve Bank spooked the rand last week after ANC secretary-general Ace Magashule said the central bank's role should be expanded.

Finance Minister Tito Mboweni and the ANC's head of economic transformation, Enoch Godongwana, responded by saying the party had made no such resolution at a lekgotla last weekend. President Cyril Ramaphosa later said the bank's mandate had not changed, describing the debate as "not helpful".

READ: Lesetja Kganyago: 'Barbarians at the gate of the SARB'"The rand is finally starting to play catch-up with other emerging markets as the likelihood of a rate cut by the Fed continues to render support.